Obamas Decide to Purchase Their 8-Bedroom DC Rental Home for $8M

*They’ve only been renting the property for four months but former president Barack Obama and former first lady Michelle Obama are so crazy in love with the property, that they have purchased the Kalorama home for $8.1 million, according to property records.

The eight-bedroom, nine-and-a-half-bath estate served as the Obama’s post-White House stint. As MSN notes, after leaving the executive mansion in January, the family settled into a rental home owned by Bill Clinton press secretary Joe Lockhart and his wife, Giovanna Gray Lockhart — an 8,200-square-foot home that was built in 1921 and renovated in 2011.

According to reports, the Obamas still own a Georgian-style home in the Hyde Park neighborhood on the South Side of Chicago.

Spokesman Kevin Lewis said in a statement: “Given that President and Mrs. Obama will be in Washington for at least another two and a half years, it made sense for them to buy a home rather than continuing to rent property.”

The Obamas have said they were committed to remaining in Washington while their youngest daughter, Sasha, completes high school. She is scheduled to begin her junior year in September.

via MSN:

D.C. records show that Lockhart sold the home for $8.1 million to Homefront Holdings LLC, which is controlled by the Obamas. The deed transfer was recorded on Wednesday. Lockhart bought the home in 2014 for $5.295 million, records show.

The $8.1 million purchase price makes the Obamas’ new home the second-most expensive in the Kalorama neighborhood, behind the $23 million that Jeffrey P. Bezos, the Amazon founder and owner of The Washington Post.

Additionally, CNN reports that the Obamas have secured office space in the West End neighborhood of Washington, about a mile from their house.

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